It describes itself as an “As an Exchange-to-Exchange Ecosystem”, meaning that it is primarily offering this service to pre-existing financial companies.

Simon Grunfeld, founder and executive director of Ibinex, told Finance Magnates that the new version of the platform will feature a fully integrated customer relationship management (CRM) system that will allow exchanges to better organise customer data. It will also have improved versions of its KYC/AML systems, better liquidity connections, and improved user interface software.

Grunfeld said that the company is putting more of an emphasis on transparency, publishing the identities of members of its management team and details of its three-year roadmap. “Ibinex’s new site is live, proudly displaying our v2 platform, leadership, licenses, our regulatory status(s) and our plans for the future,” he said.

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Australian Connection

In addition to these updates, Ibinex recently became a member of the Australian Digital Commerce Association, a non-profit blockchain advocacy organisation with the stated purpose of turning Australia into a leading blockchain economy.

According to its website, it has 58 member companies, which are defined as “businesses that are directly implementing blockchain or distributed ledger technology within their business or planning to do so.” Included on the list are American multinational corporation Johnson & Johnson, computer giant IBM, and ‘Ibinex Financials Estonia OU’.

Said Grunfeld: “This new membership is part of our strategy to join groups focused on the responsible adoption of blockchain technology and innovation across all sectors of the crypto economy.”

Financial Commission

In March 2015, Ibinex became the first cryptocurrency company to be accepted as a member by the Financial Commission, which is a self-regulatory organisation for the foreign exchange industry. The FC has offices in Hong Kong and St. Vincent and the Grenadines.

Grunfeld is also the head of the FC’s ICO Certification Committee. Ibinex itself offers a 30-day ICO launch programme, according to Cryptovest.

Grunfeld told Finance Magnates that its Estonian licence and two aforementioned memberships are “only the start of [Ibinex’s] regulatory journey,” – according to its own white paper, it also aims to achieve licences in the US and Asia.

From St. Vincent and the Grenadines to New York

Ibinex was first launched as a service providing access to Bitcoin liquidity to foreign exchange companies. At that time it was headquartered in St. Vincent and the Grenadines. Now it has offices in New York, Israel, Panama, Manila, and Estonia.

It received its Estonian licence in June 2018. This licence enables companies using its template to receive all aspects of a cryptocurrency exchange, and more importantly, EU regulation. This regulation includes banking, exchange and wallet approvals, according to the Ibinex white paper.

The constituent parts of the exchange which Ibinex offers include a custodianship service, fiat to cryptocurrency processing, and cold and hot wallets – meaning offline and online cryptocurrency storage respectively.